'To provide world class Internal Audit service with the highest standards of corporate governance and professional excellence.'

The mission of the Internal Audit Division is to help achieve and maintain sound internal control and governance in the Bank. Its primary goals are to:

provide auditing services to the Bank's management that are timely, effective and relevant;

reduce risk while promoting operational efficiency within the Bank; and

promote the adoption and use of international best practice in corporate governance and accounting and auditing standards.

The Division assists the Bank in achieving its objective of improving governance and risk management through the enhancement of enterprise-wide risk management and improving operational efficiency in the Bank. The purpose, authority and responsibilities of the Division are defined in the Internal Audit Charter, approved by the Board on an annual basis.

Staff in the Division must remain independent from the activities they audit: therefore, the Division reports administratively to the Governor and functionally to the Audit Committee of the Board, the role and activities of which are defined in the Audit Committee Charter. The Division liaises with the external auditors and coordinates their activities regarding the audit of the Bank's annual financial statements.

The Division is headed by a Chief Internal Auditor, and supported by two Principal Internal Auditors charged with the responsibility of bringing a systematic, disciplined approach in the evaluation and improvement of the effectiveness of risk management, internal controls, and governance processes in the Bank.